On January 15, the end of the first pay period or the year. North Company's employees earned $35,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate or 1.45%,$6,500 of federal income taxes, $772.50 of medical insurance deductions, and$120 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. (Round amounts to cents.)

In his first year, a math teacher earned $32,000$. Each successive year, he earned a 5 % raise. Determine how much he earned in his 20 th year. Find his total earnings over the 20-year period.

Ticketsales, Inc. receives $5,000,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5. assuming it represents one-fourth of the advance ticket sales.

Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is$3,900). Dextra collects 5% sales tax. (1) Record the entry for the $6,000 sale and its sales tax. (2) Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.

The liabilities of Organic Foods are made up of $60,000 in notes payable as of its December 31 year-end. For those notes payable,$3,000 is due within the next year. Prepare the liabilities section of Organic Foods's December 31 year-end balance sheet.

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.

Year 1

a. Sold $1,345,434 of merchandise (that had cost$975,000) on credit, terms n/30.
b. Wrote off $18,300 of uncollectible accounts receivable.
c. Received$669,200 cash in payment of accounts receivable.
d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible.

Year 2

e. Sold $1,525,634 of merchandise on credit (that had cost$1,250,000), terms n/30.
f. Wrote off $27,800 of uncollectible accounts receivable.
g. Received$1,204,600 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible.

Required

Prepare journal entries to record Liang's summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable. Round to the nearest dollar.)

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows.

Year 1

a. Sold $1,345,434 of merchandise (that had cost$975,000) on credit, terms n/30.
b. Wrote off $18,300 of uncollectible accounts receivable.
c. Received$669,200 cash in payment of accounts receivable.
d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible. 

Year 2

e. Sold $1,525,634 of merchandise on credit (that had cost$1,250,000), terms n/30.
f. Wrote off $27,800 of uncollectible accounts receivable.
g. Received$1,204,600 cash in payment of accounts receivable.
h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible.

Required

Prepare journal entries to record Liang's summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system, and it applies the allowance method for its accounts receivable. Round to the nearest dollar.)

Find the interest and maturity value for a 60-day note with principal of $1,500 and interest at 8 percent. a.$120.00 interest; $1,620.00 maturity value b.$32.88 interest; $1,532.88 maturity value c.$3.29 interest; $1,503.29 maturity value d.$19.74 interest; $1,519.74 maturity value

Warner Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. $$ \begin{matrix} \text{2016}\\ \text{Apr. 22} & \text{Purchased \$5,000 of merchandise on credit from Fox-Pro, terms n/30. Warner uses the perpetual inventory system.}\\ \text{May 23} & \text{Replaced the April 22 account payable to Fox-Pro with a 60-day, \$4,600 note bearing 15\\% annual interest along with paying \$400 in cash.}\\ \text{July 15} & \text{Borrowed \$12,000 cash from Spring Bank by signing a 120-day, 10\\% interest-bearing note with a face value of \$12,000.}\\ \text{?} & \text{Paid the amount due on the note to Fox-Pro at maturity.}\\ \text{?} & \text{Paid the amount due on the note to Spring Bank at maturity}\\ \text{Dec. 6} & \text{Borrowed \$8,000 cash from City Bank by signing a 45-day, 9\\% interest-bearing note with a face value of \$8,000.}\\ \text{31} & \text{Recorded an adjusting entry for accrued interest on the note to City Bank.}\\ \text{2017}\\ \text{?} & \text{Paid the amount due on the note to City Bank at maturity.}\\ \end{matrix} $$ 1. Determine the maturity date for each of the three notes described. 2. Determine the interest due at maturity for each of the three notes. (Assume a 360-day year.) 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. 4. Determine the interest expense to be recorded in 2017. 5. Prepare journal entries for all the preceding transactions and events for years 2016 and 2017.

Which of the following items arc normally classified as current liabilities for a company that has a one-year operating cycle?

1. Portion of long-term note due in 10 months.

2. Note payable maturing in 2 years.

3. Note payable due in 18 months.

4. Accounts payable due in 11 months.

5. FICA taxes payable.

6. Salaries payable.

The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; office salaries,$160,000; federal income taxes withheld, $90,000; state income taxes withheld,$20,000; Social Security taxes withheld, $22,320; Medicare taxes withheld,$5,220; medical insurance premiums, $7,000; life insurance premiums,$4,000; union dues deducted, $1,000; and salaries subject to unemployment taxes,$50,000. The employee pays 40% of medical and life insurance premiums. Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July; (2) cash payment of the net payroll (salaries payable) for July; (3) accrued employer payroll taxes, and other related employment expenses, for July—assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%; and (4) cash payment of all liabilities related to the July payroll.

Tyrell Co. entered into the following transactions involving short-term liabilities.

Year 1
Apr. 20    Purchased $40,250 of merchandise on credit from Locust, terms n/30.  
May  19    Replaced the April 20 account payable to Locust with a 90-day, 10%,$35,000 note payable along with paying $5,250 in cash. 
July  8    Borrowed$80,000 cash from NBR Bank by signing a 120-day, 9%, $80,000 note payable. 
      ?    Paid the amount due on the note to Locust at the maturity date.
      ?    Paid the amount due on the note to NBR Bank at the maturity date.
Nov. 28    Borrowed$42,000 cash from Fargo Bank by signing a 60-day, 8%, $42,000 note payable. 
Dec. 31    Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 
     
Year 2
      ?    Paid the umount due on the note to Fargo Bank at the maturity date.

Required

1. Determine the maturity date for each or the three notes described.

2. Determine the interest due at maturity for each of the three notes. Assume a 360-day year.

3. Detennine the interest expense recorded in the adjusting entry at the end or Year 1.

4. Determine the interest expense recorded in Year 2.

5. Prepare journal entries for all the preceding transactions and events.

NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at$25,000. Prepare a table showing depreciation and book value for each or the four years assuming straight-line depreciation.

NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at$25,000. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation.